How access to retirement benefits helps build financial confidence

2023 has already been a big year for retirement. Contribution limits are up, meaning you can save more than ever with a 401(k) or an IRA. Also, newly passed legislation has made it easier for businesses to manage retirement programs and offers increased tax benefits to savers.

Yet, recent data suggests there’s a retirement disconnect. In fact, according to our research¹, more than half of people are not actively saving for retirement.

To better understand this issue, we conducted a study to gain insight into how people feel about retirement.

We learned that most adults lack confidence in their current retirement savings knowledge. Thankfully, research shows that access to a 401(k) may reverse negative retirement sentiments and help build healthy long-term financial habits.

Here’s a recap of what we found:

¹ Source: Suzy research insights based on data collected in December 2022, from a survey of 1,086 US-based respondents ages 18-67. Guideline was not identified as the survey sponsor. Though the survey is broad in scope, the experiences of the respondents in this survey may not be representative of all people.

The information provided in this article is general in nature and is for informational purposes only. It should not be used as a substitute for specific tax, legal and/or financial advice that considers all relevant facts and circumstances. You are advised to consult a qualified financial adviser or tax professional before relying on the information provided herein.